Subject: File No. S7-16-00, proposed Rule 11Ac1-5
Date: 09/13/2000 10:43 AM
US Securities and Exchange Commission
Jonathan G. Katz, Secretary
450 Fifth St. NW
Washington, DC 20549-0609
Mr. Katz,
Jones & Associates, Inc. is registered broker-dealer and NASD member that
trades large blocks of stock for institutions. We would like to take the
opportunity to opine on proposed Rule 11Ac1-5.
We feel that the term "market center" should be specific in excluding
members, who are not market makers, specialists or ATSs, and execute or
cross orders in the third market. The cost of compliance with the rule
would be unduly burdensome.
Furthermore, because of the nature of institutional "third market" trading
by non-market makers, the data would not provide meaningful information.
Lastly, if the Commission were to exclude "market centers" with relatively
few orders, the determination of "relatively few orders" should be set by
number of executions and not volume.
Sincerely,
Steven A. Chmielewski,
General Counsel, Jones & Associates, In.